The Federation Accounts Allocation Committee has shared the sum of N574.66bn to the Federal Government, States, and Local Government Councils for January.
Details of the allocations for January were contained in a communiqué issued at the end of a virtual meeting of the FAAC for February 2022 released on Thursday night.
The N574.66bn total distributable revenue comprised distributable statutory revenue of N291.40bn, distributable Value Added Tax revenue of N178.06bn, and Exchange Gain of N5.202 billion and Non-Mineral Revenue of N100 billion.
In January 2022, the total deduction for the cost of collection was N25.421bn, and the total deductions for statutory transfers, refunds, and savings were N92.767bn. The balance in the Excess Crude Account was $35.36m.
The communiqué confirmed that from the total distributable revenue of N574.668bn; the Federal Government received N204.580bn, the State Governments received N179.251bn and the Local Government Councils received N131.878bn. A total of N58.959bn was shared to the relevant states as 13 per cent derivation revenue.
The distributable statutory revenue of N291.4bn was available for the month. From this, the Federal Government received N122.749bn, the state governments received N62.260bn and the local government councils received N48bn. The sum of N58.391bn was shared to the relevant States as 13 per cent derivation revenue.
In January 2022, the gross revenue available from the Value Added Tax was N191.2bn. This was lower than the N201.255bn available in December 2021 by N10.033bn.
The sum of N5.507bn allocation to NEDC and N7.649bn cost of the collection were deducted from the N191.2bn gross VAT revenue, resulting in the distributable VAT revenue of N178.06bn.
From the N178.066 billion distributable VAT revenue, the Federal Government received N26.710bn, the state governments received N89.033bn and the Local Government Councils received N62.32bn.
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